Barkerville Resolves Shareholder Petition Respecting AGM and Pours Gold Bar

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2013) - Barkerville Gold Mines Ltd. ("Barkerville" or the "Company") (TSX VENTURE:BGM)(FRANKFURT:IWUB) wishes to announce that the parties have recently reached an agreement (the "Agreement") to resolve the previously filed petition (the "Petition") in the Supreme Court of British Columbia (the "Court") which had requested that the Court: (i) authorize the Petitioners to call an annual general and special meeting (the "Meeting") of the Company; (ii) authorize the Petitioners to give notice of the Meeting to the Company's shareholders and to prepare an information circular in respect of the business of the Meeting; (iii) authorize the Petitioners to present a private placement proposal to the shareholders at the Meeting; and (iv) appoint a shareholder of the Company, or such other person the Court may designate, to act as independent chair of the Meeting.

The details of the Agreement, which have now been incorporated into an order of the Court, include:

1. the Company's Meeting for the year 2012 will be held at 1500 - 1055 West Georgia Street, Vancouver, British Columbia, at 10:00 am on Tuesday, April 16, 2013, as previously called by the Company, in accordance with all applicable laws;

2. the Meeting will be chaired by either Mr. Norman Anderson or Mr. David McMillan, both of whom are independent directors of the Company, as the Company may decide;

3. due to the timing of the Meeting, and subject to the following, the Company has agreed to waive the relevant limitation period and put the Petitioners' previously proposed private placement proposal, which must be provided to the Company by no later than March 4, 2013, in the Company's Meeting management proxy circular; it being acknowledged and agreed that the inclusion of any such proposal will be subject to the Petitioners first having been advised by the B.C. Securities Commission (the "BCSC") that it does not object to the Company providing notice to the shareholders that the proposal will be considered and voted on at the Meeting or, if the BCSC does object, the Petitioners shall have applied and obtained a partial revocation order from the BCSC to allow the Company to give notice to the shareholders of the proposal and for such to be considered and voted on at the Meeting;

4. the Company will cooperate with the Petitioners in obtaining such permission or authorization from the BCSC as may be required to permit the Company to provide notice to the shareholders that the private placement proposal will be considered and voted on at the Meeting; and

5. by no later than March 4, 2013, the Petitioners will provide the Company with the names and biographical information of any proposed nominee directors the Petitioners intend to support for election as directors of the Company, who are not currently directors, however, such nominees, if any, will not be included in the Company's Meeting management proxy circular.

Technical Review

The Company reminds shareholders that its present CTO will remain in place until the Company files a final National Instrument 43-101 technical report (the "NI 43-101 Report) acceptable to the BCSC which addresses all technical disclosure comments of the BCSC. As previously reported, as part of its BCSC response the Company engaged Snowden Mining Industry Consultants Pty ("Snowden") to assist in satisfying certain conditions of the BCSC underlying the CTO and, in particular, preparing an independent audit of the resource estimate provided for Cow Mountain which was the subject of the Company's original technical report, authored by Peter George of Geoex Ltd., which had been filed with the BCSC on August 14, 2012. The Company has been recently advised by each of Snowden and Geoex that they reasonably expect that a complete draft of their updated NI 43-101 Report should be available for review by the Company in the first week of February, such that the Company reasonably expects that it might be in a position to fully respond to the BCSC's technical disclosure comments and file a final and acceptable NI 43-101 Report on SEDAR by the final week of February.

QR Mine and Mill

Mr. Kevin McMurren, Mine Manager, reports that the Company poured a gold doré bar today and expects to receive revenue from the sale of the bar in approximately one week's time. The revenues received from the sale of gold doré bars is expected to provide additional working capital to the Company through April 2013.

Bonanza Ledge Mine

Mr. Tom Hatton, Mine Superintendent for Wells, reaffirms, as previously reported, that final clearing of the laydown area for Bonanza Ledge is completed and stump tub grinding for reclamation is complete. Mining equipment including excavators, cats, trucks used at QR Mine for the dam raise were moved to Bonanza Ledge.

About Barkerville Gold Mines Ltd.

Since the mid-1990s the Company has focused on exploration and development of gold projects in the Cariboo Mining District in central B.C. The Company's mineral tenures now cover over 117,691.14 hectares, encompassing seven past producing hard rock mines and three NI 43-101 gold deposits, including the QR Mine & Mill. The QR Property was acquired in February 2010 and includes a 900 tonne/day gold milling facility and a permitted gold mine located approximately 110 kilometers by highway and all-weather road from the Barkerville Gold Camp. Mining operations commenced at QR in the first quarter of fiscal 2011 and the Company began pouring doré gold in September 2010 and continued until December 2011 and will resume in January 2013. In November 2010 the Company acquired a second permitted mill currently on care and maintenance in Revelstoke, B.C. for relocation to the Barkerville Gold Camp near Wells, B.C. subject to all necessary government approvals. In November 2010 the Company and the Lhtako Dene First Nation also signed a Project Agreement in relation to its Bonanza Ledge and Cariboo Gold Projects. The Company has completed significant drilling and exploration programs and together with the historical data is compiling all information to determine geologic models and updated technical reports to continue with exploration and development of the Cariboo Gold projects. This news release has been prepared on behalf of the Board of Directors of the Company which takes full responsibility for its contents.

J. Frank Callaghan, President and CEO

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions, including the listing and trading of the Company's common shares on the TSX Venture Exchange. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.

The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward- looking information include, among others, the Company's ability to engage and retain qualified key personnel, employees and affiliates, to obtain capital and credit and to protect its property rights.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.